$175,000 loan with 6% fixed apr over 15 years. How much would the payment be?

assuming monthly payments,

M = Pr/(1 - 1/(1+r)^n)
= 175000*.005/(1-1/(1.005)^(15*12))
= 1476.75

To calculate the payment for a loan, we can use the formula for a fixed-rate loan:

Payment = P × (r × (1 + r)^n) / ((1 + r)^n - 1),

where:
P = Principal loan amount ($175,000 in this case)
r = Monthly interest rate (6% annual rate divided by 12 months)
n = Total number of payments (15 years × 12 months per year)

First, let's convert the annual interest rate to a monthly rate.

Monthly interest rate = 6% / 12 = 0.06 / 12 = 0.005.

Next, we need to determine the total number of payments. Since the loan term is 15 years, which is equivalent to 180 months:

n = 15 years × 12 months/year = 180 months.

Now, we can plug these values into the formula to find the payment:

Payment = $175,000 × (0.005 × (1 + 0.005)^180) / ((1 + 0.005)^180 - 1).

Calculating this equation will give us the monthly payment amount for the loan.